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Leslie Cook
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1 DWS Limited HY2012 RESULTS PRESENTATION Excellence

2 DWS Limited HY2012 RESULTS PRESENTATION 1. Introduc+on Danny Wallis (CEO) Lachlan Armstrong (CFO) 2. Results Presenta+on Headlines 3. HY2012 Financial Results 4. DWS isolu+ons Prac+ce Update 5. Improve, Extend, Grow 4 Year Strategy Update 6. Trading Update and Outlook 7. Ques+ons Excellence

3 Financials H1 revenue up 14% to $55.31M H1 EBITDA up 10% to $14.02M H1 earnings up 6% to $9.52M EPS up 6% to 7.19 cents Cash flow from opera+ons up 34% to $19.80M Balance sheet remains strong with zero debt and net cash of $17.42M Interim fully franked dividend of 6.25 cents per share, represen+ng a HY payout ra+o of 87% Operations The opera+ng environment during H1 has been challenging but DWS has delivered a solid result The investment in new lines of business and new regions during FY11 is now providing revenue and earnings growth for DWS BAIM Prac+ce contributed over $350K to H1 EBITDA New isolu+ons Prac+ce seeded from the $300K acquisi+on of Taten P/L (Taten), contributed ~$150K to H1 EBITDA New Geelong regional opera+on produced ~$450K in EBITDA during H1 DWS has successfully added new clients to its exis+ng poreolio in Vic, NSW, QLD, SA and Geelong Billable head count has been maintained at June levels despite market instability Improve, Extend, Grow four year strategy is yielding posi+ve results

4 DEC 2011 ($ 000) DEC 2010 ($ 000) % Movement Revenue from condnuing operadons 55,306 48,454 14% Revenue growth has been underpinned by increased consul+ng staff numbers and strong demand for services during Q1 EBITDA 14,022 12,769 10% Margin 25% 26% Weighted average revenue per billable consultant for HY12 was $100K (HY11: $97K) Total billable hours for HY12 was 439,696 (HY11 401,978) Average u+lisa+on per billable consultant during HY12 was 77% (Q1: 81%, Q2: 74%), (HY11 : 76%) NPAT 9,521 8,969 6% EPS 7.19 cents 6.78 cents 6% H1 EBITDA 10% up delivering the strongest H1 opera+ng result for DWS, despite Q2 u+lisa+on pressure Labour market remains compe++ve in most regions, but cost pressures have eased slightly Organic growth strategy has placed some pressure on margins but is yielding EPS growth

42M, with working capital up $937K WIP increase at repor+ng date due to +ming of project comple+ons, with unwind occurring

5 DEC 2011 $ 000 JUNE 2011 $ 000 Cash & Equivalents 17,418 10,977 Receivables 18,529 23,945 Work in Progress 4,872 1,974 Total Assets 72,202 67,250 Cash reserves up 59% from June to $17.42M, with working capital up $937K WIP increase at repor+ng date due to +ming of project comple+ons, with unwind occurring in Jan Balance sheet remains clean without debt / external financing NTA up 4% to cents per share Debt / Borrowings NIL NIL Total LiabiliDes 13,237 9,864 Net Assets 58,965 57,386

6 DEC 2011 $ 000 DEC 2010 $ 000 Opening Cash Balance 10,977 13,656 Cash flow from OperaDons 19,798 14,792 Tax Paid (4,770) (4,828) Capital Asset Purchases (670) (76) AcquisiDon Costs (300) N/A Dividends Paid (7,942) (8,273) Interest Income & Other Cash flow from opera+ons con+nues to be strong producing $19.8M Capital Expenditure increased for new Melbourne office fit- out and investment in internal system improvements Acquisi+on Costs reflect the purchases of the business assets of Ground Hog P/L which added new clients and service lines to DWS SA business Improved treasury management func+on has increased cash holding +me and interest genera+on Healthy cash reserves at balance date con+nue to enable strong shareholder returns Closing Cash Balance 17,418 15,536

Revenue by Sector Analysis Dec 2011 Government 22% Other 19% Banking & Finance 15% June 2011 ICT 23% Banking & Finance 18% Other 17% InformaDon & CommunicaDons Technology 24%

spending has been stable but is expected to grow in H2 12 and FY13 Banking & Finance sector has been affected by interna+onal and macroeconomic turbulence and this has had an

7 Revenue by Sector Analysis Dec 2011 Government 22% Other 19% Banking & Finance 15% June 2011 ICT 23% Banking & Finance 18% Other 17% InformaDon & CommunicaDons Technology 24% UDliDes 20% Government 25% UDliDes 17% ICT revenues strengthened on the back of several project wins in a number of clients during H2 11 and H1 12 Federal and State Government spending has been stable but is expected to grow in H2 12 and FY13 Banking & Finance sector has been affected by interna+onal and macroeconomic turbulence and this has had an impact on project starts. We expect this may con+nue in H2 DWS is expanding its client poreolio in the Resources and Infrastructure sector and this is expected to see further growth in H2

Billable consultant numbers have fluctuated during the period as a result of changes in demand Staff turnover has reduced as an

8 Staff Summary Dec 2011 June 2011 Full Time Staff by Geography SA 10% ACT 4% Geelong 3% Specialist PracDces 4% QLD 10% ConsulDng Staff Total chargeable NSW 10% Management VIC 59% Office Staff BD/Sales Admin Grand Total Billable consultant numbers have fluctuated during the period as a result of changes in demand Staff turnover has reduced as an outcome of our Improve, Extend, Grow program We are op+mis+c about further growth in QLD, ACT, NSW, SA and our specialist prac+ces H2

2012 18 March 2011 Expect Pmt Date 4 April 2012 4 April 2012 Dividend payout ra+o has

9 DEC 2011 DEC 2010 Dividend 6.25 cents 6.0 cents (Inc Special Div) Payout RaDo 87% 88% (Inc Special Div) Record Date 19 March March 2011 Expect Pmt Date 4 April April 2012 Dividend payout ra+o has been maintained due to strong H1 opera+ng performance and improved cash reserves 100% franking for Australian shareholders at 30% tax rate

10 DWS isolutions Practice Update DWS isolu+ons commenced opera+on in June 2011 providing DWS with a cloud compu6ng offering The prac+ce was seeded with the acquisi+on of Taten soqware assets $300K acquisi+on cost Taten had an established client base in the Banking and Finance Sector This prac+ce is providing DWS with a growing annui+sed revenue stream We are seeing solid demand for these cloud products in both the Corporate and Government sectors Take- up of our iapply form automa+on / data capture solu+on has been 90% + aqer clients receive a proof- of- concept We are expec+ng that isolu+ons contribu+on to earnings will con+nue to grow as a percentage total earnings We are looking for new and innova+ve cloud based products to complement our exis+ng offering in this space

IMPROVE DWS 4 Year Improve, Extend, Grow Strategy AREA OF FOCUS DELIVERED RESULTS FUTURE ACTION PLAN Improve our employee value proposi+on in a compe++ve market for high quality staff Beser ar+culate

11 IMPROVE DWS 4 Year Improve, Extend, Grow Strategy AREA OF FOCUS DELIVERED RESULTS FUTURE ACTION PLAN Improve our employee value proposi+on in a compe++ve market for high quality staff Beser ar+culate our source of compe++ve advantage and value add to new and exis+ng clients Undertaken a significant branding and marke+ng campaign which has included a change of Company name and new corporate logo Launched 1,1,14 Excellence Together focussed on the asrac+on and reten+on of staff Improved opera+onal and repor+ng processes and systems to drive further opera+oning efficiencies Leverage our investment in branding and marke+ng to strengthen our overall market posi+oning Next phase of HR ini+a+ves are to be delivered in 2012 to maintain our EVP for asrac+on and reten+on Further investment in systems to deliver improved customer rela+onship management and align our capabili+es with our customers requirements EXTEND Broaden our service lines to become an end- to- end service provider in our chosen disciplines Create a career path beyond our tradi+onal business lines for consultants seeking specialist focus We have introduced two new specialist prac+ces which in aggregate delivered over $500K in EBITDA during H1 isolu+ons prac+ce is delivering annui+sed revenue flows which are expected to grow Several DWS consultants have transi+oned to our Specialist Prac+ces thereby enabling career focus Further specialist prac+ces will be commenced during 2012 to meet our customers longer term needs We will con+nue to leverage industry partnership opportuni+es (such as the BDCS JV) to contest a larger part of the market GROW Develop an aggressive growth strategy which addresses requirements of our key stakeholders Increased consul+ng staff numbers by 8% since the incep+on of this strategy in FY11 despite external/ macroeconomic headwinds Organically expanded our regional office network with the commencement of a Geelong Regional Office which contributed ~ $450K to H1 EBITDA Delivered a record first half opera+ng result Focus on organic expansion via both specialised prac+ce offerings and a targeted alignment of our core consul+ng capability to customer needs We remain interested in acquisi+ons but they must meet our strategic criteria Focus on margin expansion following ini+al investment in new prac+ces and regions

12 General Trading Update and Outlook General economic / opera+ng environment has been difficult with many clients deferring decisions on spend Demand from the Banking & Finance sector contracted during Q2 and may not improve un+l European debt arrangements have provided the market with a posi+ve signal We believe that demand from both Federal and State Governments will increase in H2 We will con+nue to manage our resource pool closely with the aim of maximising u+lisa+on across all areas of the business We are focussing on building our pipeline of work with larger, solu+on based opportuni+es which will drive higher u+lisa+on and longer engagements We an+cipate increased demand for our cloud compu+ng offerings as we accelerate our marke+ng efforts in this area. We are con+nuing to look for new streams of revenue which complement our exis+ng opera+ons and drive further demand for services. Areas of focus include cloud technologies and managed services

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For personal use only DWS Limited 2017 Half Year Results Presentation Contents Introduction Danny Wallis (CEO) / Stuart Whipp (CFO) Results Highlights Half Year Results Summary Review Capital Management Operations Update Summary